Inflated capital gains during the sale of certain players and salaries paid deferred … Juventus Turin is accused by the courts of having used accounting tricks to embellish its accounts and several ex-leaders should appear in 2023. Here the main aspects of the file, while the club approves on Tuesday a 2021/22 balance sheet in deficit of some 240 million euros, before appointing a new board of directors on January 18, after the resignation of president Andrea Agnelli.
The Turin public prosecutor’s office requested on December 1 the dismissal of Andrea Agnelli and 11 other managers suspected of irregularities in the financial management of the club. The boss of the “Old Lady” since 2010 had preceded this new judicial step by resigning three days earlier with the entire board of directors, including vice-president Pavel Nedved. A preliminary hearing is expected in early 2023 in the context of this case opened last year.
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The most successful club in Italian football (36 scudetti), listed on the stock exchange, is among other things accused of having manipulated the market by transmitting biased financial information to its investors over the period 2018-2021. In particular by recording “fictitious capital gains” during the sale of players and by carrying out “manoeuvres” to defer the payment of wages during the Covid-19 pandemic. The Turin public prosecutor’s office pointed out the “significant differences between the balance sheets as approved and those which should have been“. Juventus have always claimed to have “acted in compliance with the laws and standards governing financial communications“.
At the heart of the investigation is the practice of “false exchanges”, i.e. cross-selling of players between two clubs, with little or no money actually paid. Juventus has multiplied these operations, for example with FC Barcelona in 2020 for the cross transfers of Arthur Melo (72 million) and Miralem Pjanic (60 million). Little money had circulated but the effect had been immediate on the accounts of the two clubs thanks to the notion of added value.
During a transfer, the cost of buying a player is spread out in the form of amortization over the duration of his contract. But any capital gain on the sale can immediately be recorded. With Miralem Pjanic, Juventus had thus posted a nice capital gain of 43 million euros. The prosecution, however, believes that Juve set excessively high values for certain players during the sales in order to be able to increase the capital gain and artificially reduce their losses. The prosecution estimated these so-called “fictitious” capital gains at some 155 million euros between 2018 and 2021, according to documents consulted by AFP.
There remains the difficulty or even the impossibility of setting an objective scale for the value of a player: Italian sports justice had acquitted the 11 clubs prosecuted in April, including Juventus, but reopened the file in December. The other alleged accounting trick accused of Juventus relates to agreements reached with its players to defer the payment of certain salaries during the pandemic, in 2020 and then 2021.
Juve had mentioned a “positive impact of 90 million“on its accounts after announcing an agreement not to pay four months’ wages in the spring of 2020. But the prosecution believes that it should have revealed as a liability the fact that it had committed in parallel, via agreements The club is also said to have made other private and secret agreements with its players, including one with Cristiano Ronaldo, to whom Juve still owes some 20 million euros. , according to media reports.
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Beyond the possible legal sanctions, the Italian Football Federation has opened a new investigation concerning the “manoeuvres“Wages, according to the Italian agency Ansa. Which could be worth a new procedure at the club with the key to possible sanctions (fine or withdrawal of points). UEFA also announced on December 1 the opening of an investigation on the “alleged financial violations“from Juventus.
The “Old Lady”, after sprains the accounting rules of financial fair play, concluded in August with the European body a recovery plan over three years to get into the nails. She is under the threat of a heavy fine or even exclusion from European competitions if she does not respect it. Especially since Juve has been in open conflict with UEFA for months over the Super League, a private competition project that the Turinese are the last to defend with Real Madrid and FC Barcelona.
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